Status of Cardano amid Vasil Upgrade
While the world grapples with the declining cryptocurrency markets, it goes without saying that the impacts of this decline are felt across board, without sparing neither the established nor the upcoming cryptocurrencies. Cardano is among the altcoins that has been pushed into the bearish zone in lieu of the strong declining market.
However, amidst the weakening market, Cardano has been creating a positive buzz with its milestone development in June featuring the activation of the Vasil hard fork on testnet. Notably, the completion of the Vasil hard fork on the Cardano testnet prompted positive responses from the Cardano investors as demonstrated by the upward trajectory of the number of transactions, which has been otherwise declining in the past months.
As anticipated, within 24 hours of VHF live launch on testnet, the altcoin experienced a 90% increase in the total number of Cardano wallets to a record 4200. Further, higher investor participation prompted increased transactions from 60k to 80k enhancing the total volume of transactions by about $1.5 billion.
While this increase in participation and number spells benefits for Cardano when it finally goes up, the altcoin’s goal is the completion of the Vasil upgrade on mainnet.
On-going Cardano Upgrades on the Mainnet thus Far
One of the notable updates that are underway on Cardano following the VHF testnet is the release of the node v.1.35.0. Among the myriad benefits of this node is that it will foster node and CLI support for reference inputs, reference scripts, the use of new Plutus capabilities, as well as Plutus V2 primitives and collateral outputs.
One successful testing thus far with positive outcomes based on cost effectiveness and performance is the Plutus V2 primitives.
Another milestone Cardano update that has been underway for the past year is the development of the Lace lightwallet platform. During June's end of month Cardano 360, Tim, the VP of Community and Ecosystem at Cardano highlights the multi-functional concept of the Lace lightwallet as one of the unique feature that sets the wallet apart.
The wallet’s positive reception from the community following the first round of beta testing is testament to its UX.
With the testing of Vasil-compatible Cardano-node and Cardano-wallet components underway, a beta version of the Cardano-node has been introduced. Accordingly, the Cardano Daedalus team notes that this beta version stores UTXOs on the hard disk or SSD instead of RAM.
In addition to a quickcheck-dynamic model-based testing related to the Basho era, the hydra-node v.0.6.0 (a first version of the hydra-node) has been introduced. The new version is alignment with Cardano’s suggestions in the original paper in terms of contestation and completion of the basic Hydra Head protocol.
These updates are merely a drop in the ocean compared to the myriad projects undertaken by Cardano.
Cardano ecosystem statistics
Here is a summation of the completed and undergoing Cardano statistics thus far:
|Number of Plutus Scripts||2,857|
|Number of projects launched on Cardano||90|
|Avg. number of weekly commits||2,822|
|Number of Native tokens||5.8 million|
|Number of NFT projects||5,868|
|Upcoming projects on Cardano||1,022|
First published on Jul 4, 2022